SPECIAL REPORT BUSINESS STRATEGY
5-STAR AWARDS: CONSTRUCTION INSURANCE
COVERING A TOUGH MARKET THE CONSTRUCTION industry contributes greatly to the US economy. Encompassing more than 680,000 employers and over 7 million employees, the US construction industry builds roughly $1.3 trillion worth of structures each year, according to the Asso-
ciated General Contractors. Protecting those operations falls to the construction insurance sector, which provides contractors with everything from professional liability and builder’s risk to wrap-up and pollution insurance policies.
WHAT’S MOST IMPORTANT TO BROKERS WHEN CHOOSING A CONSTRUCTION INSURANCE POLICY? Coverage 97% Ease of doing business 73% Underwriting expertise 68% Service to the broker
“For my team, every conversation begins with setting expectations around the breadth of coverage, carrier quality and claims behind the policy” Evan Aldrich, CRC Insurance Services
60% Claims payment/processing speed 46% Ability to create bespoke policies 43% Value for money 32% Online platform 19% Access to risk mitigation partners 16%
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To find out which insurers and MGAs provide the best products and service in the construction segment, IBA surveyed hundreds of brokers across the country, asking them what ranks highest among their priorities when selecting a construction insurer. An overwhelming 97% said coverage is the most important quality, followed by ease of doing business (73%), underwriting expertise (68%) and service to brokers (60%). “Brokers want ease of doing business by far,” says Gary Kaplan, president of construction at AXA XL, one of this year’s
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04/06/2021 4:37:51 am